NetApp, Inc. (NASDAQ:NTAP) Expected to Post Quarterly Sales of $1.54 Billion

Equities research analysts forecast that NetApp, Inc. (NASDAQ:NTAPGet Rating) will report sales of $1.54 billion for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have provided estimates for NetApp’s earnings, with estimates ranging from $1.46 billion to $1.57 billion. NetApp reported sales of $1.46 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.5%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that NetApp will report full year sales of $6.69 billion for the current fiscal year, with estimates ranging from $6.32 billion to $6.77 billion. For the next fiscal year, analysts expect that the firm will post sales of $7.17 billion, with estimates ranging from $6.51 billion to $7.48 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow NetApp.

NetApp (NASDAQ:NTAPGet Rating) last announced its quarterly earnings results on Wednesday, June 1st. The data storage provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.14. NetApp had a net margin of 14.83% and a return on equity of 127.40%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the company posted $0.96 EPS. The company’s revenue was up 8.0% on a year-over-year basis.

A number of research analysts have weighed in on NTAP shares. OTR Global lowered shares of NetApp to a “positive” rating in a research note on Friday, May 27th. Morgan Stanley dropped their price target on shares of NetApp from $91.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 2nd. StockNews.com lowered shares of NetApp from a “buy” rating to a “hold” rating in a research report on Friday, May 27th. William Blair reissued an “outperform” rating on shares of NetApp in a research report on Wednesday, March 23rd. Finally, Wells Fargo & Company dropped their price target on shares of NetApp from $90.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $94.42.

NTAP opened at $70.08 on Thursday. The company has a quick ratio of 1.45, a current ratio of 1.50 and a debt-to-equity ratio of 2.85. The stock has a market cap of $15.60 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.83 and a beta of 1.24. The company has a fifty day moving average of $74.20 and a 200-day moving average of $83.23. NetApp has a twelve month low of $64.58 and a twelve month high of $96.82.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Stockholders of record on Friday, July 8th will be paid a $0.50 dividend. The ex-dividend date is Thursday, July 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.85%. NetApp’s payout ratio is 48.78%.

In related news, CEO George Kurian sold 4,250 shares of the business’s stock in a transaction that occurred on Monday, March 21st. The shares were sold at an average price of $89.86, for a total transaction of $381,905.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael J. Berry acquired 5,000 shares of NetApp stock in a transaction that occurred on Friday, June 3rd. The shares were purchased at an average cost of $72.04 per share, with a total value of $360,200.00. Following the purchase, the chief financial officer now owns 95,875 shares of the company’s stock, valued at approximately $6,906,835. The disclosure for this purchase can be found here. Insiders sold 26,750 shares of company stock valued at $2,124,859 in the last quarter. Corporate insiders own 0.28% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in NetApp by 1.2% during the first quarter. Vanguard Group Inc. now owns 25,823,258 shares of the data storage provider’s stock valued at $2,143,331,000 after purchasing an additional 294,399 shares during the last quarter. State Street Corp lifted its position in NetApp by 4.2% during the fourth quarter. State Street Corp now owns 10,051,825 shares of the data storage provider’s stock valued at $924,667,000 after purchasing an additional 407,285 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of NetApp by 70.3% in the 1st quarter. Wellington Management Group LLP now owns 8,329,363 shares of the data storage provider’s stock worth $691,339,000 after acquiring an additional 3,439,053 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of NetApp by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,656,425 shares of the data storage provider’s stock worth $427,514,000 after acquiring an additional 62,115 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of NetApp by 14.5% in the 1st quarter. Boston Partners now owns 4,027,043 shares of the data storage provider’s stock worth $333,978,000 after acquiring an additional 510,307 shares during the last quarter. Institutional investors and hedge funds own 91.91% of the company’s stock.

About NetApp (Get Rating)

NetApp, Inc provides software, systems, and cloud services to manage and share data on-premises, and private and public clouds worldwide. The company offers cloud storage services, including NetApp Cloud Volumes; cloud control solutions, such as NetApp Cloud Manager and NetApp Virtual Desktop Service; cloud services and analytics comprising NetApp Cloud Insights, NetApp Cloud Sync, NetApp Cloud Compliance, NetApp Cloud Tiering, NetApp SaaS Backup, NetApp Cloud Backup, and NetApp Global File Cache; and Cloud Optimization solutions, such as Spot by NetApp, Spot Cloud Analyzer by NetApp, Spot Eco by NetApp, Spot Ocean by NetApp, Spot Wave by NetApp, Spot Elastigroup by NetApp, and NetApp Virtual Desktop Managed Service.

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